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SAFARICOM INCREASES M-PESA  ACCOUNT AND DAILY TRANSACTION LIMITS

Safaricom  has   increased  M-Pesa  account limits to Kshs. 500,000 following approval from the Central Bank of Kenya. The higher account limit was  effective from Tuesday 15th August 2023 for all M-Pesa  customers. “We appreciate the role that the Central Bank of Kenya has played by constantly providing guidance on innovations and protections that we have put in place to strengthen M-Pesa’s adherence  to know your customer ( KYC) , anti-money laundering and other financial regulations and safeguards. The increased account limits will provide customers  (and especially small businesses)  with increased convenience as the share of cashless transactions continues to rise,” said Peter Ndegwa, chief executive  – Safaricom.

In addition to the higher account limit, M-Pesa  customers are also set to enjoy an increased daily transaction limit of Kshs. 500,000. The current per transaction limits of Kshs. 150,000 will remain.  However,  customers can make as many transactions up to the Kshs. 500,000 daily limit.  The move is set to be a boost for businesses in the country, especially  the small and medium  enterprises ( SMEs), as the share of cashless transactions continues to rise. In the last financial year to March 2023, more than 606,000 businesses were receiving payments through Lipa Na M-Pesa.  A  total of Kshs. 1.625 trillion  was  transacted during that period.

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